Corporate Law - The scheme is launched by the Hon’ble Governor of Uttarakhand in the year 2018 with a vision to foster an ecosystem for nurturing the spirit of entrepreneurship and to promote investment in the area of incubation and Start-up. Some Important Definitions: 1. Entity: A company (as per Companies Act, 2013) A registered Partnership Fi...
Read MoreCorporate Law - There are a large number of start-ups incorporated in a year. But most of them won’t last long. Why so? What are the major hindrances to them? Following are a few reasons. 1. No Research They will not do market research and financial research. They straight away from some company or LLP and jump into […]...
Read MoreCorporate Law - The scheme is launched by the government in the year 2016. Under the scheme, the government provides some financial assistance to the eligible startups for proof of concept, prototype development, product trials, market-entry, and commercialization. Such financial assistance is known as Seed Fund which will be disbursed to selected startu...
Read MoreCorporate Law - Sustenance Allowance • Rs. 20,000 per month per Startup for a period of one year. • In case if at least there is one woman as a cofounder Rs. 25,000 per month per Startup will be provided. Seed Support Upto Rs.30 Lakhs on the following, based on approval/ sanction by SLEC. i. Cost of raw […]...
Read MoreCorporate Law - Are you an LLP with a turnover of over Rs 40,00,000 or does your capital contribution exceed Rs 25,00,000? Are you a private limited company or a public limited company? If you fall under the above categories, an audit of your financial statements is compulsory. What is an Audit? The audit is the systematic and […]...
Read MoreCorporate Law - Shri Piyush Goyal calls for strengthening of ethics and corporate governance norms in startups. Shri Piyush Goyal urges startups to incorporate and list in India and not move to tax havens. The startup revolution must be taken to tier-2 and tier-3 cities and villages of India – Shri Piyush Goyal. Shri Piyush Goyal calls for […]...
Read MoreCorporate Law - Today we are the third largest Startup ecosystem, but our aspiration is to be the world’s number one startup destination. The Startup bug has caught India’s imagination. The entire innovation ecosystem that the Startup industry represents is giving a new direction, new momentum to India...
Read MoreCorporate Law - IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961 (the Act)....
Read MoreCorporate Law - To promote startups across all the State/UTs, Government of India has launched Startup India initiative in 2016. This initiative aims at building a strong ecosystem for nurturing innovation and Startups in the country. In order to meet the objectives of the initiative, Government has launched various programmes to promote Startups across ...
Read MoreCorporate Law - Creation of Jobs by Startups Startup India is a flagship initiative of Government of India which aims at building a strong ecosystem for nurturing innovation and Startups in the country. This initiative was launched on 16th January 2016. The startups are recognized as per eligibility conditions prescribed under G.S.R. notification 127 (E)...
Read MoreHCL Technologies BPO Services Ltd Vs ACIT (ITAT Delhi) - In the case of HCL Technologies BPO Services Ltd vs. ACIT, ITAT has held that for transfer pricing only amount retained by associates from end user is to be taken into account for transfer pricing adjustment, and to adjust operating cost by excluding abnormal cost incurred on a/c of Startup Company ...
Read MoreNotification No. G.S.R. 93(E) - (01/02/2021) - (1) These rules may be called the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification No. S.O. 414 (E). - (21/01/2021) - Central Government has approved the ‘Startup India Seed Fund Scheme (SISFS)’ to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization. SISFS shall provide financial assistance to startups via corpus of Rs. 945 Cro...
Read MoreNA - (07/06/2020) - There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of ...
Read MoreF. No. 173/149/2019-ITA-I - (23/09/2019) - Grievances of Startups should be handled within the following time-frame:- i) In case of any grievance, the preliminary Action Taken Report is to be submitted to this office by the next day i.e. within one working day of calling of report by this office....
Read MoreCircular No. 22/2019-Income Tax - (30/08/2019) - In case of Startup companies recognized by Department for Promotion of Industry and Internal Trade (DPIIT) which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib) of the Income-tax Act, 1961 (the Act),the contention of the as...
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